Domestic Non-LifeNarrow moat

Tokio Marine Holdings (8766) — moat facet

Tokio Marine's Japanese non-life profit looks large because it includes the proceeds of selling client shares.

Domestic non-life's ordinary profit was ¥284.6 billion in the year to March 2023, ¥323.5 billion in 2024, ¥893.3 billion in 2025 and ¥744.5 billion in 2026123. Its ordinary income was ¥3,790.3 billion in the latest year4.

Domestic non-life ordinary profit (¥ bn, years to March)284.62023323.52024893.32025744.52026Includes strategic equity sale gains; Tokio Marine results, 2023-2026
Inflated by share sales in the last two years.

The jump in the last two years came mostly from strategic equity sales, ¥922.4 billion and ¥745.6 billion5, whose gains are recorded in this segment. On the IFRS basis, which excludes them, Japanese P&C's net income was ¥133.6 billion and ¥237.5 billion6, and its adjusted net income ¥234.7 billion in the latest year7.

The underlying business is Tokio Marine & Nichido: premiums of ¥2,596.3 billion8, 27% of the market9 and a combined ratio of 95.6%10. Its business-unit profit rose from ¥126.9 billion to ¥173.2 billion in the latest year11.

The plan for the current year is IFRS adjusted net income of ¥223.0 billion12; the first quarter earned ¥77.2 billion13.

The segment's catastrophe losses in Japan were ¥115.9 billion in the year to March 2025 and ¥55.5 billion in 202614, and its expense ratios in the latest year were 19.7% for agency commissions and 11.7% for administration15.

The measure is IFRS adjusted net income. It is what remains when the share sales end, and it is about a third of the Japanese GAAP ordinary profit.

Moat trajectory: Holding steady

Underwriting profit steady; equity gains ending.

The number that tests this moat
Reported
Japan P&C adjusted net income, April-June 2026
¥77.2bn against ¥97.6bn

Behind plan on large liability losses; the full-year plan is ¥223.0 billion.

Source: Tokio Marine results, April-June 2026 ↗
References
  1. ReportedDomestic non-life's ordinary profit was ¥284.6 billion in the year to March 2023, ¥323.5 billion in 2024, ¥893.3 billion in 2025 and ¥744.5 billion in 2026.
    Tokio Marine Holdings, Consolidated Financial Results for the fiscal year ended March 31, 2024 - including segment information for the year to March 2023. — FY to March 2024 · publ. May 2024 · source ↗
  2. ReportedDomestic non-life's ordinary profit was ¥284.6 billion in the year to March 2023, ¥323.5 billion in 2024, ¥893.3 billion in 2025 and ¥744.5 billion in 2026.
    Tokio Marine Holdings, Consolidated Financial Results for the fiscal year ended March 31, 2025 - including the expected credit losses on US commercial real estate loans. — FY to March 2025 · publ. May 2025 · source ↗
  3. ReportedDomestic non-life's ordinary profit was ¥284.6 billion in the year to March 2023, ¥323.5 billion in 2024, ¥893.3 billion in 2025 and ¥744.5 billion in 2026.
    Tokio Marine Holdings, Consolidated Financial Results (Japanese GAAP) for the fiscal year ended March 31, 2026 - ordinary income, net income, segment profit, dividends, cash flows and securities. — FY to March 2026 · publ. 20 May 2026 · source ↗
  4. ReportedIts ordinary income was ¥3,790.3 billion in the latest year.
    Tokio Marine Holdings, Consolidated Financial Results (Japanese GAAP) for the fiscal year ended March 31, 2026 - ordinary income, net income, segment profit, dividends, cash flows and securities. — FY to March 2026 · publ. 20 May 2026 · source ↗
  5. ReportedThe jump in the last two years came mostly from strategic equity sales, ¥922.4 billion and ¥745.6 billion, whose gains are recorded in this segment.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - adjusted net income, strategic equity sales, shareholder returns and the FY2026 plan. — FY to March 2026 · publ. May 2026 · source ↗
  6. ReportedOn the IFRS basis, which excludes them, Japanese P&C's net income was ¥133.6 billion and ¥237.5 billion, and its adjusted net income ¥234.7 billion in the latest year.
    Tokio Marine Holdings, Consolidated Financial Results (IFRS) for the fiscal year ended March 31, 2026 - insurance revenue, net income, segment results, the Japan Life investment loss, acquisitions, the NICO share disposal and the buybacks. — FY to March 2026 · publ. 26 June 2026 · source ↗
  7. ReportedOn the IFRS basis, which excludes them, Japanese P&C's net income was ¥133.6 billion and ¥237.5 billion, and its adjusted net income ¥234.7 billion in the latest year.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - adjusted net income, strategic equity sales, shareholder returns and the FY2026 plan. — FY to March 2026 · publ. May 2026 · source ↗
  8. ReportedThe underlying business is Tokio Marine & Nichido: premiums of ¥2,596.3 billion, 27% of the market and a combined ratio of 95.6%.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - international results by business, combined ratios and commercial real estate loans. — FY to March 2026 · publ. May 2026 · source ↗
  9. ReportedThe underlying business is Tokio Marine & Nichido: premiums of ¥2,596.3 billion, 27% of the market and a combined ratio of 95.6%.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - Japan P&C: market share, combined ratios, auto insurance, premiums, sales channels and the regulatory orders. — 2016-2026 · publ. 26 May 2026 · source ↗
  10. ReportedThe underlying business is Tokio Marine & Nichido: premiums of ¥2,596.3 billion, 27% of the market and a combined ratio of 95.6%.
    Tokio Marine Holdings, Group Business Strategy IR conference, 26 May 2026 - Japan P&C: market share, combined ratios, auto insurance, premiums, sales channels and the regulatory orders. — 2016-2026 · publ. 26 May 2026 · source ↗
  11. ReportedIts business-unit profit rose from ¥126.9 billion to ¥173.2 billion in the latest year.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - Japan P&C results: premiums, auto, natural catastrophes and expense ratios. — FY to March 2026 · publ. May 2026 · source ↗
  12. ReportedThe plan for the current year is IFRS adjusted net income of ¥223.0 billion; the first quarter earned ¥77.2 billion.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - adjusted net income, strategic equity sales, shareholder returns and the FY2026 plan. — FY to March 2026 · publ. May 2026 · source ↗
  13. ReportedThe plan for the current year is IFRS adjusted net income of ¥223.0 billion; the first quarter earned ¥77.2 billion.
    Tokio Marine Holdings, Consolidated Financial Results (IFRS) for the three months ended June 30, 2026 - insurance revenue, net income, adjusted net income by segment and the balance sheet. — April-June 2026 · publ. 12 August 2026 · source ↗
  14. ReportedThe segment's catastrophe losses in Japan were ¥115.9 billion in the year to March 2025 and ¥55.5 billion in 2026, and its expense ratios in the latest year were 19.7% for agency commissions and 11.7% for administration.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - Japan P&C results: premiums, auto, natural catastrophes and expense ratios. — FY to March 2026 · publ. May 2026 · source ↗
  15. ReportedThe segment's catastrophe losses in Japan were ¥115.9 billion in the year to March 2025 and ¥55.5 billion in 2026, and its expense ratios in the latest year were 19.7% for agency commissions and 11.7% for administration.
    Tokio Marine Holdings, FY2025 results and FY2026 projections presentation - Japan P&C results: premiums, auto, natural catastrophes and expense ratios. — FY to March 2026 · publ. May 2026 · source ↗
Sources
Generated September 24, 2026